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Mining altcoins (e.g. Ethereum mining) is cheaper than what youd need in order to mine Bitcoin. But this only means that the hardware will cost less. The other hassles of power costs, configurations, maintenance and so on are basically the same.
Another option is cloud mining paying someone else to handle the mining equipment for you. When this sounds perfect, most of the cloud mining websites nowadays are simply pretending to use your money for mining operations, they're in scams.
What's more, while there are a couple of legit sites on the market, the money youd pay them to mine Bitcoin is probably better invested just buying Bitcoin. Obviously we always urge you to do your own market study since in the end, its your money.
A very common method of growing your Bitcoin riches is through Bitcoin lending platforms. These sites connect debtors who need crypto with crypto owners who lend their coins to get an interest rate. Because these loans are ultra risky the interest rates are high which initially seems like a fantastic thing. .
Well, since there's absolutely no true collateral which retains the debtor liable for your loan more often than not these loans default and lenders are abandoned without their money.
Weve tested out several loans here at 99Bitcoins, and they eventually defaulted. Thats why I recommend to steer clear of this particular method.
Another method it is wise to avoid are coin doublers and High Yield Investment Programs also known as HYIPs. These are sites which promise to double your coins every couple of days or give you unreal interest prices.
What these websites really do is take money from new customers and use that money to pay off older users. This process makes a great deal of buzz around the site that is apparently untrue and solvent.
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On top of this, they nearly always have some sort of referral app so that users can bring their friends on board.
This is how a Ponzi scheme functions. This can go on for around 3-4 months until one day that the website will just go offline and the money will be gone. No more payments will be made and a great deal of people may get angry that they have scammed.
We have reviewed many Bitcoin investment sites in the previous 3 decades and have yet to find a website which we can state is  secure to invest in. Any site that promises you something that's too good to be true is likely just a facade for individuals trying to steal your coins. .
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How can you find out if a site is a scam for yourself Easy, utilize our Bitcoin scam test tool to acquire a reasonable assumption about a sites legitimacy.
Starting around August 2017 Bitcoin began forking into other coins. In a nutshell, forking  means a new Bitcoin clone emerges from the existing Bitcoin. Every person who held Bitcoin before the fork can now claim the new coin too.
The first popular branch was Bitcoin Cash, but soon after followed Bitcoin Gold, Bitcoin Diamond and find this more. The procedure for claiming forked coins (aka forkcoins) is standard but requires an above basic understanding of how Bitcoin works. You can view our fork claiming guide here.
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Bear in mind that if youre not sure what youre doing when claiming a forkcoin you might end up losing your Bitcoins. So for most non technical customers it'd better to pass on a fork and keep your Bitcoins secure. Other alternatives include companies which claim the coins for you and take a commission but that may easily turn into a scam which runs off with you money. .
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Once you maintained a forkcoin you can sell it on an exchange for Bitcoin or other cryptocurrencies assuming it has a market.
Airdrops are similar to forks in the sense which you get coins from thin air. Airdrops are usually utilized to spread the word about a certain cryptocurrency. The currency is distributed freely to the public, although in some situations some conditions can employ.
By way of instance, Byteball was distributed freely to Bitcoin users depending on the amount of Bitcoins they owned.
To conclude, forks and airdrops could possibly be the maximum significance of some time method you can use to make money from your Bitcoins but they can be SUPER risky. I would recommend that you use these approaches only after considerable research and a good understanding of the claiming process.